The Dow industrials
DJIA, -0.48%
climbed 48.92 points, or 0.4%, to 13,992.97, after touching an intraday high of 14,022.62. The blue-chip index tuned in its first weekly loss in six, declining 0.1% on the week.

Twenty-one out of 30 components of the Dow traded higher; Hewlett-Packard Co.
HPQ, -0.95%
led the way with a 2.6% gain. Boeing Co.
BA, +1.08%
weighed on the index with a 1.1% loss Friday.

Following the tech bubble of the late 1990s and the 2008 financial-crisis rout, investors are less likely to trust bull runs, said Janet Briaud, president of Briaud Financial Services, who noted the current level of bullishness in stocks was similar to that of late 2007.

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“[The Dow] hits 14,000 and then goes back; it’s a big barrier from a technical standpoint. That level of bullishness is something to pay attention to,” Briaud said.

Both the S&P 500 and Nasdaq logged their sixth week of gains.

The S&P 500 index
SPX, -0.48%
gained 8.54 points, or 0.6%, to 1,517.93, with tech and consumer discretionary stocks leading its 10 major sectors higher. The S&P 500 rose 0.3% for the week.

Stocks on the tech-heavy Nasdaq Composite index
COMP, -0.59%
closed near their intraday highs, advancing 28.74 points, or 0.9%, to 3,193.87. The Nasdaq finished up 0.5% on the week. Shares of Apple Inc.
AAPL, +0.02%
rose 1.4% Friday to close at $474.98.

Stocks received some support from economic data. Reports, such as the U.S. trade deficit and China trade numbers, are still supportive of continued slow economic growth, said Paul Nolte, managing director at Dearborn Partners in Chicago.

The U.S. trade deficit fell almost 21% in December to $38.5 billion, marking the biggest drop in four years, as exports rose and imports softened. In China, exports and imports accelerated at a faster-than-expected rate in January, according to official data. Read more on U.S. trade data.

That better-than-expected trade data may lead to revisions of fourth-quarter gross-domestic-product figures into positive territory, said Scott Armiger, manager of the $500 million Christiana Trust at Wilmington Savings Fund Society.

“That will make people have a little more confidence in GDP, and will probably revise the fourth-quarter number up a little bit,” said Armiger.

In late January, the Commerce Department reported that fourth-quarter GDP contracted by 0.1% in the first of three readings.

Following a rise of 12% since mid-November, with about 6% of that in January alone, the new line for the S&P 500 appears to be 1,500, Dearborn’s Nolte said.

“Markets are going sideways to work off that bullish run, and from a bullish perspective that’s a good thing,” said Nolte. Stocks have had a seesaw week in general as investors deal with a stock market considered by many as overbought and anticipate a big correction around the corner. Read: Is this market headed for a correction?

Trading volume was thinner than average. Composite volume on the NYSE topped 2.7 billion shares; the daily average has been around 3.6 billion. About 1.7 billion shares changed hands on the Nasdaq Stock Market, compared with the average 2 billion. Read more on NYSE.

Advancing stocks outnumbered decliners by about 2 to 1 on the NYSE, and just under 2 to 1 on the Nasdaq.

Moody’s Corp.
MCO, -0.58%
shares fell nearly 8%. The ratings agency reported a 66% surge in fourth-quarter earnings, but they came in slightly lower than expected. Also, New York Attorney General Eric Schneiderman is looking at any potential misconduct by the three major credit-ratings firms, including Moody’s, a person familiar with the matter told MarketWatch. Read more on Moody's and the New York AG probe.

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